Burberry shares up as sales exceed expectations

Burberry, the luxury goods retailer, smashed market expectations on Tuesday,
as increasing Chinese appetite and sales of outerwear and large leather
goods saw more customers wrapping up in the iconic brand.

Globally, Asia saw the most growth, with like-for-like sales growth in China up more than 30pc as Burberry pressed on with plans to turn its 50 China franchise-store purchase in July 2010 into 100 stores over the medium term.

The Americas and Europe also delivered double digit like-for-like sales growth, with the UK and France highlighted as particular successes.

Stacey Cartwright, Chief Financial Officer, said that while Burberry was benefiting from wealthier Chinese customers, they weren't its sole success story.

“It’s not just China – we’re seeing growth in the global luxury consumer generally. Obviously the Chinese consumer is there, but so is the Middle Eastern and Russian customer, and we're still seeing European customers in our London stores. But that’s the beauty of a truly global brand.”

Burberry's latest sales figures exclude sales in its previously loss-making Spanish arm, where the company cut around 300 jobs last year, and has moved away from designing exclusive collections, introducing the global collection into its stores with the Spring/Summer 2011 collection.

Including sales in Spain, total sales grew 27pc.

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